12th Oct 2015 08:50
LONDON (Alliance News) - LGO Energy PLC Monday said it has completed the acquisition of a 25% stake in Beach Oilfield Ltd for USD250,000 in a cash and shares deal.
LGO said it now has access to an interest in the shallow petroleum rights held by BOLT, including the producing Bonasse field, on top of the agreement it already had to acquire the deep petroleum rights to all of BOLT's south west peninsula interests in Trinidad.
LGO paid USD50,000 in cash and USD200,000 through the issue of 14.7 million shares at 0.9 pence each. Shares in LGO were trading down 0.5% at 0.920 pence Monday morning.
It said the ownership offsets the 25% outstanding payments due to BOLT for the deep rights, currently equivalent to USD475,000.
"We consider the South West Peninsular of Trinidad to be a major medium-term investment opportunity, especially the deep targets which have so far not been adequately explored. However, the acquisition of an interest in BOLT also gives rise to immediate access to shallower objectives including within the producing Bonasse Oilfield. We expect to be in a position to report on our plans to reinvigorate that asset in the next few months," Chief Executive Neil Ritson said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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